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Xi's Challenge: Stronger Property Rights

China needs to let the market play its role—not only for efficiency, but to reduce inequality and corruption.

By

Geng Xiao

Nov. 22, 2012 11:42 a.m. ET

Five years from now the Chinese people will judge their new Politburo Standing Committee members by how well they deliver on the social contracts spelled out in the 12th Five Year Plan. Xi Jinping, the Communist Party's incoming general secretary, faces a daunting task: He must lead 1.3 billion people not only toward further GDP growth, but also more equal opportunities in jobs, income, education, health care and political participation.

What does Mr. Xi's team need to do in order to deliver in these areas? Success will not...